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ETHW vs EZET

Bitwise Ethereum ETF

ETHWBNYSE Arca

Franklin Ethereum ETF

EZETBCboe

Overlap

Expense ratio

EZET −0.01pt a year

ETHW0.20%EZET0.19%

Avg volume · 30D

ETHW 15.9×the volume

ETHW754KEZET47.3K

ETHW vs EZET Performance

Oct 31, 2025 – Oct 30, 2026

−42.6%ETHW−42.6%EZET

Oct 31, 2025 to Oct 30, 2026. ETHW −42.6%. EZET −42.6%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHW 0.20%
EZET 0.19%, better
Fund size
ETHW $244M
EZET $45M
1Y total return
ETHW −42.6%
EZET −42.6%
Holdings
ETHW 1
EZET 1
Avg volume (30D)
ETHW 754K sh, better
EZET 47.3K sh
NAV per share
ETHW $16.66
EZET $16.88
52W range

ETF.net Grade

ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47. EZET: Cost 70, Risk 38, Mission 100, Tradability 20, Holdings not scored, Durability 45.
Pillar letters and Scores for ETHW, EZET, with each pillar’s weight
PillarETHWEZET
Cost30% weightA70A70
Mission25% weightA100A100
Risk15% weightD38D38
Tradability15% weightD38HigherF20
Holdings10% weightNot scoredNot scored
Durability5% weightC47HigherC45

Rank among Spot Ether funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETHW and EZET are both graded against the same 11 Spot Ether funds, so their Grades compare head to head.

Spot Ether⁠

Category · 11 funds
See all 11 ›

ETHW ranks 4th and EZET 5th of 11 funds in the Spot Ether Category.

  1. Rank 1AETHGrayscale Ethereum Mini Trust ETFScore 83
  2. Rank 2AMSSEMorgan Stanley Ethereum TrustScore 77
  3. Rank 3BETHVVanEck Ethereum ETFScore 67
  4. Rank 4BETHWBitwise Ethereum ETFScore 66
  5. Rank 5BEZETFranklin Ethereum ETFScore 63
  6. Rank 6BTETH21Shares Ethereum ETFScore 62

Our read on each fund

ETF.net Research

ETHWBBitwise Ethereum ETF

EZETBFranklin Ethereum ETF

In short

ETHW Spot ether with a conscience clause: Bitwise pledged 10% of the fund's profits to Ethereum's open-source developers. It holds ether directly, no derivatives, at a fee below the spot-ether norm.

EZET One of the nine spot ether funds that opened the category on July 23, 2024. Franklin holds the coin directly at Coinbase Custody and charges 0.19%, mid-pack pricing from a 75-year-old fund house.

Stated mandate

ETHW The Trust seeks exposure to the value of ether held by it, less operating expenses and liabilities. It holds ether directly, values its assets using an ether pricing benchmark, and does not use derivatives.

EZET The fund is described as an actively managed exchange-traded fund.

Why people hold it

  • ETHW Holds ether outright and values it off an ether pricing benchmark. No futures, no swaps, no leverage layered on top.
  • The 0.20% fee undercuts the 0.25% that is typical across spot-ether ETFs.
  • Bitwise committed to donating 10% of the fund's profits to Ethereum open-source developers and to publishing the trust's blockchain addresses.bitwiseinvestments.combusinesswire.com
  • Launched July 2024 in the first wave of US spot-ether ETFs, and it grades in the upper half of that peer group.bitwiseinvestments.com
  • EZET Plain plumbing: the trust holds ether itself, custodied by Coinbase, with share value struck off the CME CF Ether-Dollar Reference Rate.franklintempleton.com
  • At 0.19% it sits mid-pack: below ETHV and ETHW at 0.20%, TETH at 0.21% and ETHA at 0.25%, above ETH at 0.15% and MSSE at 0.14%.
  • Day-one vintage. It listed on Cboe BZX with the first US spot ether cohort in July 2024 and sits in the upper half of that peer group.sec.gov

Worth knowing

  • ETHW Cheaper spot-ether options exist: Franklin's EZET at 0% and Grayscale's ETH at 0.15%.
  • Structured as a grantor trust, not a registered fund, so the usual fund-level protections do not apply.
  • Ether is a volatile asset, and this is a single-asset fund with no diversification and no income distributions.
  • EZET It trades far less than the category's largest ether funds, which can mean wider spreads and more price impact on bigger orders.
  • No cash yield: the grantor trust simply holds ether and has paid no distributions, so return tracks the ether price less the 0.19% fee.
  • Ether is volatile and the fund does nothing to cushion that; it carries the full move in either direction.

Full ETHW profile⁠

Full EZET profile⁠

ETHW vs EZET Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ETHW vs EZET Cost

Overpaying ETHW vs EZET

$203

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ETHW 0.20%

    $4,155

  • EZET 0.19%

    $3,952

$10,000
30 years

Cost over time

  • ETHW 0.20%
  • EZET 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530ETHW $4,155EZET $3,952

Year by year

YearETHWEZETOverpaying
10$365$347$18
20$1,421$1,351$70
30$4,155$3,952$203

Expense ratio

  • 0.20%ETHW
  • 0.19%EZET, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

EZET 3rd cheapest of 11 funds

ETHW 4th cheapest of 11 funds

ETHW vs EZET Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHW None
EZET None

Distribution history

ETHWAll ETHW payments⁠

No distribution history available.

EZETAll EZET payments⁠

No distribution history available.

ETHW vs EZET Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHW 75.5%since Aug 2024EZET 75.4%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHW 0.06since Aug 2024EZET 0.06since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
ETHW −67.9%since Jul 2024EZET −67.9%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ETHW 2.55EZET 2.54

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